Monthly Closing Checklist

MONTH: __________ YEAR: _____ PREPARER INITIALS DATE CASH Reconcile bank accounts and verify that bank balance on bank reconciliation agrees with respective bank statement balance. Verify cash reflected on trial balance agrees to ending cash balance on bank reconciliation. Review outstanding checks and deposits for old transactions that may need to be voided. UNDEPOSITED FUNDS Balance in account should be reconciled to specific deposits clearing in the next month. Verify…

Closing Out 2019

As 2019 comes to an end, accountants across the United States will work diligently to close out their clients’ books, so that tax returns can be filed on time. As work stacks up, it is easy to miss a step in the closing process, which could cost time and money. If you are a new firm owner, it is challenging to know exactly what to do, and you may even…

Financial Statement Analysis

Financial statement analysis is the process of analyzing a company’s financial statements for decision-making purposes. External stakeholders use it to understand the overall health of an organization as well as to evaluate financial performance and business value. Internal stakeholders use it as a monitoring tool for managing the finances. Analyzing Financial Statements The financial statements of a company record important financial data on every aspect of a business’s activities. As…

Ledger for year-end audit - Coast Women in Business

Closing the Books at Year End

I hope that this hour will prove interesting and help you to stream-line your year-end closing process, thereby saving you time and providing you with important information to help you run a profitable business. Here is what we will be covering this morning: New California requirements for employee versus independent contractors Monthly/year-end closing checklist Using your annual financial statements to improve your business I have prepared a few handouts for…